ikobo terminated all merchant accounts

I just got this in my mail from ikobo:

NOTICE OF TERMINATION OF MERCHANT SERVICES

Please be advised that effective immediately iKobo, Inc.is ceasing to provide processing for merchant services in order to comply with a direct request from VISA International under their processing regulations.

This request from VISA has no impact on our person-to-person money transfer product.

Your merchant account has been changed to not allow for new sales and your current funds will be available to you under the existing terms using your iKard. Please update your web site to remove iKobo as a payment provider.

We apologize for the timing of this action.

iKobo, Inc.
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So much for ikobo, everyone was thinking highly of them. I don’t know why Visa did that. But I’m frustrated that ever now and then, a merchant account shuts down. I had similar experience with Paysystems.com who suddenly closed all merchant accounts, and didnt even released people’s revenues yet, and its been over a year now…!
How can we trust online payments any more?

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  3. BE CAREFUL!
    PLEASE!! BE OH! SO CAREFUL!!
    HAVE I GOT YOUR ATTENTION…?!

    Be very careful with this company, IKOBO; my bank certainly is!

    I was a first time user and ‘sent’ some money to my friends in Romania.

    The ‘transaction’ went through, the money was debited from my account but half an hour later an e-mail from them followed saying that the ‘transaction’ had been cancelled; “Ikobo”, they said, “does not allow money to be transferred for the purchase of goods or services”.

    Now that is strange because I thought that that was exactly what money was for and alarm bells, just ever so gently, began ringing in my head.

    But it gets better!

    BIG BEN rang in my head with this next one…!

    Wait for it! ….Wait for it….!!

    They wanted ‘further evidence of my identity’… and asked for, wait for it…wait for it…!

    “Photographic evidence” in the shape of my passport page(s) and better still, much better still……………are you sitting comfortably..?!

    “Photographs of the front and back OF (MY) DEBIT CARD”……!!!

    I KID YOU NOT!!!

    BIG BEN went off in my head with that one and when I told the bank (my bank) next morning the manager immediately closed my account and told me that that was guaranteed to be identity theft and that on no account must I ever supply that sort of documentation to ANYBODY and added that NOT EVEN ANY EMPLOYEE OF MY BANK (who shall be nameless) HAD ANY AUTHORITY TO ASK FOR ANY SUCH THING(S).

    I have not lost any money; I acted quickly; but the hassle has been unbelievable..!
    And who is to say that the initial ‘transaction’ was not half way to being genuine as in lulling one into a false sense of security…?

    Was that “genuineness” not just a ploy in order to quietly ‘milk’ the account gently for ever and a day thereafter.
    Fortunately for me I shall never know.
    I’ll tell you one thing though.
    It has put me RIGHT OFF internet banking for anything from now on… as in RRIIGGHHTT OOOOFFFF…!!!!!

    iKOBO…?

    You just be careful with ’em…!

    Keith A. Simpson.
    SALFORD.
    ENGLAND.

  4. Hey I am worried too… You see someone send me money and Ikobo notified me that the money had been send but its been more than two and a half weeks… the money has not been loaded to my gcard so they say… my accout has nothing … I am so worried the support team keeps on giving me false hopes that the money will be reloaded by 5pm that day… its like we are playing a cat and mouse game … is there support really faithful or they steal peoples money? Gosh I should have known …

  5. Yes, similarly problems here too, but trying to track what the real situation is is very difficult.
    By google search, they have been around since 2004, with varying service reports.

    But the latest that seems to indicate they are an actual company is that venture capital company has invested $2million. See http://www.canadait.com/cfm/index.cfm?It=106&Id=25759&Se=2&Lo=2 . But then it is posted by Ikobo.

    Anybody want to research the venture capital company?!

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